Posts Tagged ‘block reward halving’

The second Bitcoin block reward halving is going to happen in a bit less than 3 days from now with a little over 400 blocks remaining. The amount of Bitcoins rewarded for each block decreases over time, getting halved once every 210000 blocks (approximately every four years). When Bitcoin was created in 2009, the initial block reward was 50 BTC, then in November 2012, it dropped to 25 BTC after the first halving. As a result of the block reward getting reduced once more in a few days finding a new Bitcoin block will start rewarding the miner that found it with just 12.5 BTC instead of 25 BTC like it is still at the moment. Following this development in 4 more years or sometime in 2020 the next Bitcoin block reward halving is expected to take place further reducing the block reward in half to just 6.25 BTC and so on. This will continue until the total limit of 21 million Bictoins are mined, though this will take quite a lot of years. The total number of BTC after the halving of the block reward should be about 15 Million and 750 Thousands out of the 21 Million total and with the continuing reduction of the reward over time the remaining over 5 Million of coins will take years and years and more halvings to be mined (estimated time is around 2140).

Earlier this week the first block reward halving for the Litecoin (LTC) has happened and although there was a bit of uncertainty about what exactly will happen with the alternative crypto currency it seems that things haven’t changed much actually. The exchange rate of 1 LTC is still hovering around $3 USD or a little lower, but the network difficulty is going down in order to compensate for the decrease in half of the mined coins. So it seems that no imminent price increase is going to happen, but instead the network difficulty will go down because some miners with older hardware are apparently turning it off as it may not be able to even pay for the electricity used. This simply means that things will balance in a matter of days.

In fact the the Litecoin (LTC) network difficulty has been mostly dropping with a few percent throughout most of August before the halving even occurred as a result of the price of the crypto currency going down slightly. After the block reward halving however there was a significant drop of almost 8% and now we are looking at a second drop with about 8% more as an estimate. We’ll have to wait and see how much of a decrease in the total network hashrate is going to be enough before things stabilize. What you should not expect however is to see the total LTC network hashrate and thus network difficulty to drop in half after the halving, but then again who knows…

There are just about two more days left before the first Litecoin (LTC) block reward halving occurs, this should happen sometime on Tuesday, August 25th. Litecoin’s block mining reward halves every 840000 blocks or roughly in 4 years, and we are going to see the first halving that will bring the coin reward down to 25 coins from the current reward of 50 coins. The total Litecoins mined when the first block reward halving occurs will be 42 million and for the next 4 years before the next halving occurs there will be 21 millions more LTC mined. The question how will the halving affect Litecoin (LTC) and especially the price of the alternative crypto currency is the one that miners are continuing to be asking as the day approaches. If you want to keep a track of when exactly the Litecoin block reward halving will occur, then you should know that there is a countdown on a dedicated website just for that available.

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